My goal is to provide valuable information for home buyers, both First Time Buyers and Move Up Buyers. This information will be about loan programs such as FHA ,VA, Conventional Fannie Mae and Freddie Mac, Reverse Mortgages, and even Portfolio Jumbo programs. I will also touch on tax advantages of homeownership, Rent vs. Own analysis, and any other aspect of loans and home ownership that will be of interest to Orange County home buyers and homeowners.

Getting a Jumbo loan is much more difficult now than it was 18 months ago. When the Conforming loan limits were temporarily increased in Orange County, CA to $729,750, there was some relief. But what if your loan was higher? What if you owned a property in Irvine, CA valued at $1,500,000 and needed a loan amount of $1,200,000? Loan guidelines have gotten so tight that most of these larger loan programs went away.

There are Still Programs Available for "Super Jumbo" Borrowers

There are still a few portfolio programs available, it just takes a little research, knowledge, and flexibility. For example, we have a program that will go to 80% loan to value on a $1,500,000 loan amount. That means someone can buy a home for $1,875,000 with only 20% down. If the seller will carry back a 10% second, the buyer can get away with only 10% down. This is a Full Income Doc program, so of course the borrower actually has to qualify for the loan. We do still have a 70% Loan to value Stated Program to $3,000,000 for self employed borrowers with good reserves.

Although guidelines are tighter than they used to be, and the multitude of loan programs has dwindled, there are still options available for the right borrower. If you need additional information on these programs please contact Tim Storm with Home Point Financial at 949-829-1846.